Olam - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	DBS Vickers	Olam	2.25	2.31	Hold	DCF & PER16.1x
04/03/18	DBS Vickers	Olam	2.32	2.31	Hold

OKP - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/20/18	Amfrasers	OKP	0.35	0.39	Hold

Stock calls for 8 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/08/19	CIMB	Comfortdelgro	2.41	2.74	Add	DCF
03/08/19	DMG & Partners	Japan Foods	0.43	0.45	Neutral
03/08/19	UOB Kay Hian	Koufu	0.67	0.95	Buy
03/08/19	Lim & Tan	Koufu	0.67	0.85	Buy	PER18x FY19
03/08/19	phillip	SHS	0.191	0.194	Neutral	PB0.7x
03/08/19	Phillip	Y Venture	0.078	0.16	Buy	PER30x

EU economic situation is getting dire.

https://finance.yahoo.com/news/draghi-slashes-ecb-outlook-officials-135649913.html

The ECB has revived the TLTRO policy to stimulate the EU economies because the situation is getting dire.

We did warn about this in our previous post below.

http://sg-stock.blogspot.com/2019/01/north-america-and-europe-will-slip-into.html

Furthermore, Italy has decided to join China's OBR initiatives despite some resistance from other EU members because of its poor economy.  Italy wants to make use of China to revive its economy.

https://www.cnbc.com/2019/03/06/italy-set-to-support-chinas-belt-and-road-program-ft-report-says.html

As we can see, many EU members want to take advantage of China's economic growth but still want to contain China's developments simultaneously.  How despicable is that?

Inverse relationship between China A50 and RMB.

China A50

CNY (RMB)

From the 2 charts above, we can see that there is an inverse relationship between RMB and China A50.  Therefore, investors who are interested in China A50 have to monitor RMB movements as it will affect the trajectory of China A50 on SGX.  If you can predict the future RMB trajectory, you can determine the China A50 trajectory too.

OCBC - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/02/18	UOB Kay Hian	OCBC	12.39	13.56	Buy	GGM, PB1.44x FY18
01/05/18	DBS Vickers	OCBC	12.95	14	Buy	GGM, PB1.4x FY18
01/05/18	UOB Kay Hian	OCBC	12.95	14.88	Buy	GGM, PB1.58x FY18
01/09/18	Deutsche	OCBC	12.99	13.6	Hold
01/09/18	JP Morgan	OCBC	12.99	14.2	Neutral	Up from $12.5
01/10/18	phillip	OCBC	12.91	13.48	Buy
02/03/18	UOB Kay Hian	OCBC	12.26	14.88	Buy
02/05/18	Macquarie	OCBC	12.81	14	Outperform
02/05/18	JP Morgan	OCBC	12.81	14.5	Overweight
02/12/18	phillip	OCBC	12.19	13.48	Buy
02/15/18	UOB Kay Hian	OCBC	12.26	14.9	Buy	GGM, PB1.56x FY18
02/15/18	Kim Eng	OCBC	12.26	13.5	Hold	PB1.4x FY18
02/15/18	Credit Suisse	OCBC	12.26	14.7	Outperform
02/15/18	CIMB	OCBC	12.26	14	Add	GGM, PB1.4x FY18, PER11.7x FY19
02/15/18	Jefferies	OCBC	12.26	14	Buy
02/15/18	DBS Vickers	OCBC	12.26	14	Buy	GGM, PB1.4x FY18
02/22/18	UBS	OCBC	13	14.5	Buy
02/22/18	phillip	OCBC	13	13.94	Buy	GGM, PB1.46x
02/22/18	Jefferies	OCBC	13	15.2	Buy
03/02/18	UOB Kay Hian	OCBC	13.21	14.9	Buy
03/08/18	UOB Kay Hian	OCBC	13.21	14.95	Buy	GGM, PB1.54x FY18
03/20/18	Kim Eng	OCBC	13.18	14.83	Buy
03/22/18	Lim & Tan	OCBC	13.42	0	Buy
04/03/18	UOB Kay Hian	OCBC	12.77	14.95	Buy
04/16/18	Credit Suisse	OCBC	13.08	15.75	Buy
04/20/18	UOB Kay Hian	OCBC	13.74	16.02	Buy	GGM, PB1.64x FY18
04/20/18	CIMB	OCBC	13.74	15	Add	GGM, PB1.5x FY18
04/27/18	DBS Vickers	OCBC	13.76	15.3	Buy	GGM, PB1.5x FY18
05/03/18	UOB Kay Hian	OCBC	13.86	16.02	Buy
05/08/18	Macquarie	OCBC	13.17	14.5	Outperform
05/08/18	CIMB	OCBC	13.17	14	Hold	GGM, PB1.5x FY18
05/08/18	UOB Kay Hian	OCBC	13.17	16.5	Buy	GGM, PB1.66x FY18
05/08/18	Credit Suisse	OCBC	13.17	15.1	Outperform
05/08/18	DBS Vickers	OCBC	13.17	15.3	Buy	GGM, PB1.5x FY18
05/08/18	Deutsche	OCBC	13.17	14	Hold
05/09/18	phillip	OCBC	13.08	14.9	Accumulate	GGM, PB1.6x FY18
05/09/18	Kim Eng	OCBC	13.08	14.6	Buy	GGM, PB1.5x FY18
06/01/18	UOB Kay Hian	OCBC	12.54	16.5	Buy	GGM, PB1.68 FY18
06/04/18	phillip	OCBC	12.53	14.9	Accumulate
06/26/18	UOB Kay Hian	OCBC	11.6	14.28	Buy	GGM, PER1.46x FY18
07/02/18	phillip	OCBC	11.64	14.9	Accumulate
07/03/18	UOB Kay Hian	OCBC	11.51	14.28	Buy
07/06/18	DBS Vickers	OCBC	11.5	12.2	Hold	GGM, PB1.3x FY18
07/19/18	UOB Kay Hian	OCBC	11.15	13.52	Buy	GGM, PB1.41x FY18
08/01/18	phillip	OCBC	11.57	14.9	Accumulate	GGM, PB1.5x
08/06/18	Macquarie	OCBC	11.35	14.5	Outperform
08/06/18	Jefferies	OCBC	11.35	14	Buy
08/07/18	UOB Kay Hian	OCBC	11.58	13.68	Buy	GGM, PB1.42x FY18
08/07/18	Credit Suisse	OCBC	11.58	14.65	Outperform
08/07/18	DBS Vickers	OCBC	11.58	12.4	Hold	GGM, PB1.2x FY19
08/07/18	CIMB	OCBC	11.58	14	Add
09/03/18	UOB Kay Hian	OCBC	11.3	13.68	Buy	GGM, PB1.42x FY18
09/25/18	CIMB	OCBC	11.36	14	Add	GGM
09/26/18	DBS Vickers	OCBC	11.45	12.4	Hold
10/02/18	phillip	OCBC	11.45	14.9	Buy
10/03/18	UOB Kay Hian	OCBC	11.31	13.68	Buy
10/11/18	Jefferies	OCBC	10.95	14	Buy
10/15/18	UOB Kay Hian	OCBC	10.75	14.05	Buy	GGM, PB1.37x FY19
10/19/18	DBS Vickers	OCBC	10.7	12.4	Hold
11/01/18	phillip	OCBC	10.74	14.9	Buy
11/01/18	Lim & Tan	OCBC	10.74	0	Buy
11/02/18	CIMB	OCBC	11.15	14	Add	GGM
11/02/18	DBS Vickers	OCBC	11.15	13.2	Buy	GGM, PB1.3x FY19
11/02/18	UOB Kay Hian	OCBC	11.15	14.05	Buy	GGM, PB1.37x FY19
11/12/18	Macquarie	OCBC	11.46	13	Outperform
11/12/18	JP Morgan	OCBC	11.46	13.5	Overweight
12/04/18	DBS Vickers	OCBC	11.6	13.2	Buy	GGM, PB1.3x FY19
12/04/18	UOB Kay Hian	OCBC	11.6	14.05	Buy
01/03/19	CIMB	OCBC	11.1	14	Add	PER10.8x FY20
01/04/19	UOB Kay Hian	OCBC	11.03	14.05	Buy
01/08/19	UOB Kay Hian	OCBC	11.37	13.82	Buy
01/31/19	Kim Eng	OCBC	11.39	10.95	Hold	DDM
02/01/19	phillip	OCBC	11.51	13.7	Buy	GGM, PB1.4x FY19
02/08/19	UOB Kay Hian	OCBC	11.49	13.82	Buy
02/13/19	Kim Eng	OCBC	11.41	10.95	Hold
02/25/19	CIMB	OCBC	11.39	12	Hold	PB1.2x CY19
02/25/19	UOB Kay Hian	OCBC	11.39	13.85	Buy
02/25/19	DBS Vickers	OCBC	11.39	12.9	Buy	GGM, PB1.2x FY19
02/25/19	Kim Eng	OCBC	11.39	10.73	Hold	DDM
02/27/19	Macquarie	OCBC	11.2	13	Outperform	PB
03/04/19	phillip	OCBC	11.1	13.7	Buy
03/07/19	Kim Eng	OCBC	11.22	10.73	Hold

Noble - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
03/01/18	Lim & Tan	Noble	0.172	0	Avoid	Suspension alert
04/06/18	Lim & Tan	Noble	0.067	0	Avoid

Netlink - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/12/18	UOB Kay Hian	Netlink	835	0.93	Buy
01/26/18	DBS Vickers	Netlink	0.83	0.95	Buy	DCF
02/07/18	UOB Kay Hian	Netlink	0.82	0.93	Buy	DCF
02/07/18	DBS Vickers	Netlink	0.82	0.97	Buy	DCF
03/12/18	UOB Kay Hian	Netlink	0.82	0.93	Buy
03/14/18	OCBC	Netlink	0.82	0.91	Buy	DDM
05/15/18	OCBC	Netlink	0.815	0.91	Buy
05/16/18	OCBC	Netlink	0.82	0.9	Buy
05/16/18	DBS Vickers	Netlink	0.82	0.97	Buy	DCF
07/02/18	DBS Vickers	Netlink	0.74	0.87	Buy	DCF
08/07/18	OCBC	Netlink	0.78	0.9	Buy
08/07/18	DBS Vickers	Netlink	0.78	0.87	Buy
09/10/18	Kim Eng	Netlink	0.785	0.93	Buy	DDM
09/17/18	UOB Kay Hian	Netlink	0.785	0.95	Buy	DCF
10/02/18	DBS Vickers	Netlink	0.785	0.87	Buy
10/11/18	OCBC	Netlink	0.785	0.9	Buy
10/26/18	Kim Eng	Netlink	0.78	0.93	Buy
11/05/18	DBS Vickers	Netlink	0.775	0.87	Buy
11/07/18	Kim Eng	Netlink	0.78	0.93	Buy	DDM
11/07/18	OCBC	Netlink	0.78	0.9	Buy
11/21/18	UOB Kay Hian	Netlink	0.77	0.99	Buy	DCF
12/10/18	OCBC	Netlink	0.765	0.9	Buy
12/17/18	Kim Eng	Netlink	0.76	0.93	Buy	DDM
12/20/18	DBS Vickers	Netlink	0.77	0.87	Buy
01/02/19	UOB Kay Hian	Netlink	0.765	0.99	Buy	DCF
01/02/19	Kim Eng	Netlink	0.765	0.93	Buy
01/15/19	DBS Vickers	Netlink	0.77	0.87	Buy	DCF
02/07/19	Kim Eng	Netlink	0.785	0.93	Buy	DDM, PER38.8x FY21
02/08/19	DBS Vickers	Netlink	0.79	0.87	Buy	DCF, PER32.6x FY21
02/08/19	UOB Kay Hian	Netlink	0.79	0.99	Buy
02/15/19	UOB Kay Hian	Netlink	0.805	0.92	Buy	DCF, PER40x FY21
02/18/19	OCBC	Netlink	0.805	0.9	Buy

Stock calls for 7 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/07/19	DMG & Partners	A-Reit	2.83	2.9	Neutral	DDM
03/07/19	CIMB	A-Reit	2.83	2.83	Add
03/07/19	Kim Eng	DBS	25.36	29.56	Buy
03/07/19	CIMB	ESR-Reit	0.53	0.62	Add
03/07/19	phillip	Golden Energy	0.235	0.3	Buy	PER10x
03/07/19	UOB Kay Hian	Keppel Reit	1.28	1.35	Buy	DDM
03/07/19	OCBC	M1	2.05	2.06	Accept Offer	Offer $2.06
03/07/19	OCBC	Mapletree Logistics	1.42	1.5	Buy
03/07/19	Kim Eng	OCBC	11.22	10.73	Hold
03/07/19	Kim Eng	UOB	25.1	29.71	Buy

The Indian government likes to fabricate news.

https://sg.news.yahoo.com/satellite-images-show-madrasa-buildings-still-standing-scene-005341234.html

The Indian government didn't bomb the Pakistan structure as declared.  The latest satellite images contradict the Indian government's proclamation.

Ouch! The indian government must have felt a tight slap on its face now.

Nera Telecom - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
12/17/18	Lim & Tan	Nera Telecom	0.265	0	Buy
03/04/19	Lim & Tan	Nera Telecom	0.285	0	Buy

Neo Group - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/09/18	DMG & Partners	Neo Group	0.67	0.67	Neutral

Nam Lee - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
02/12/18	Phillip	Nam Lee	0.38	0.56	Buy	DCF, PER11.1x FY18, PB0.96x FY18
05/07/18	Phillip	Nam Lee	0.37	0.56	Buy	DCF, PER11.9x FY18, PB0.97x FY18
08/08/18	Phillip	Nam Lee	0.365	0.51	Buy	DCF, PER10.5x FY18, PB0.88x FY18

Stock calls for 6 March 2019

Date	Analyst	Company	Last	Target	Call	Valuation
03/06/19	DMG & Partners	Centurion	0.425	0.41	Neutral	DCF
03/06/19	CIMB	Dairy Farm	8.33	8.54	Hold	PER23.5x FY20

Canada is feeling the heat now.

https://www.channelnewsasia.com/news/business/canada-fm-decries-china-halting-canola-shipments-11315294

Canada should approach the USA to buy all the canola shipments since it is helping the USA to detain Huawei Cfo.

What's there to decry when Canada is standing with the USA to go against China?  Canada should know the consequences beforehand.

Asian deflation is happening!

https://finance.yahoo.com/news/malaysia-decision-guide-deflation-sets-210000368.html

We warned about deflation in Asia in our previous post below.

https://sg-stock.blogspot.com/2019/01/deflation-will-start-in-asia-soon.html

Therefore, it is not surprising to see Asian central banks to adopt anti-deflation policies because deflation is not good for economies.

Hyflux is finished now.

https://www.channelnewsasia.com/news/singapore/pub-default-notice-hyflux-tuaspring-right-take-over-plant-11313888

Hyflux will be game over once it loses tuaspring desalination plant.

It has a defective plant not only in SG but also in overseas.  In fact, every plant is defective.

Goodbye Hyflux! RIP!

Moya Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/24/18	DMG & Partners	Moya Asia	0.098	0.17	Buy
02/09/18	DMG & Partners	Moya Asia	0.091	0.17	Buy	DCF
03/02/18	DMG & Partners	Moya Asia	0.091	0.15	Buy	DCF, PER15x FY18
04/09/18	DMG & Partners	Moya Asia	0.099	0.15	Buy	DCF
05/02/18	DMG & Partners	Moya Asia	0.1	0.15	Buy	DCF
06/05/18	DMG & Partners	Moya Asia	0.087	0.14	Buy	DCF
08/07/18	DMG & Partners	Moya Asia	0.092	0.13	Buy	DCF
09/26/18	DMG & Partners	Moya Asia	0.083	0.13	Buy
11/05/18	DMG & Partners	Moya Asia	0.07	0.11	Buy	DCF
01/07/19	DMG & Partners	Moya Asia	0.06	0.11	Buy
02/13/19	DMG & Partners	Moya Asia	0.082	0.11	Buy	DCF
03/05/19	DMG & Partners	Moya Asia	0.077	0.11	Buy	DCF

MM2 Asia - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/05/18	DBS Vickers	MM2 Asia	0.545	0.73	Buy
02/07/18	CIMB	MM2 Asia	0.49	0.76	Add
02/08/18	DBS Vickers	MM2 Asia	0.495	0.75	Buy	Sum of parts
03/05/18	CIMB	MM2 Asia	0.47	0.76	Add
03/15/18	CIMB	MM2 Asia	0.505	0.74	Add	Sum of parts
04/06/18	CIMB	MM2 Asia	0.49	0.74	Add
04/23/18	Kim Eng	MM2 Asia	0.495	0.56	Buy
05/30/18	DBS Vickers	MM2 Asia	0.495	0.7	Buy	Sum of parts
06/05/18	CIMB	MM2 Asia	0.485	0.72	Add	Sum of parts
08/15/18	DBS Vickers	MM2 Asia	0.42	0.62	Buy	Sum of parts
08/16/18	CIMB	MM2 Asia	0.42	0.72	Add	Sum of parts
08/20/18	Kim Eng	MM2 Asia	0.42	0.57	Buy	PEG
09/14/18	CIMB	MM2 Asia	0.365	0.72	Add
11/15/18	DBS Vickers	MM2 Asia	0.37	0.5	Buy	Sum of parts, PER16x FY19
11/19/18	Kim Eng	MM2 Asia	0.35	0.57	Buy	PEG1x
11/20/18	CIMB	MM2 Asia	0.345	0.5	Add	Sum of parts
02/14/19	DBS Vickers	MM2 Asia	0.3	0.33	Hold	Sum of parts
02/21/19	CIMB	MM2 Asia	0.3	0.37	Add	Sum of parts
02/21/19	Kim Eng	MM2 Asia	0.3	0.34	Buy	PEG0.93x

MIT - Stock calls

Date	Analyst	Company	Last	Target	Call	Valuation
01/03/18	Lim & Tan	MIT	0.26	0	Buy
07/19/18	Lim & Tan	MIT	0.33	0.456	Buy